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Recent Ranges Respected

COMMODITIES

On the whole commodities largely respected the week's range, with WTI crude futures erasing early weakness as equities recovered into the close. A gap remains with the Friday multi-month high of $46.68, which remains the key bull trigger going forward. Focus turns to the API crude oil inventories due after-market as well as Wednesday's DoE equivalent.

Spot gold extended the recent rally, although the pace slowed markedly. The 50-dma acts as resistance going forward, crossing Tuesday at $1878.96. This extends the recovery from the recent lows to over $100/oz.

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